Altshuler Shaham Joins Psagot in Facing 'Past Curse' Amid Market Turmoil

The Israeli investment house Altshuler Shaham has officially joined the ranks of firms impacted by what is being termed the 'past curse of Psagot,' indicating significant financial challenges. This development follows a period of market volatility that has affected investment houses, with Altshuler Shaham succumbing to the pressures of the capital market.

The article references a new accounting standard as a test for boards of directors, suggesting it may be a contributing factor to the difficulties faced by firms like Altshuler Shaham. The broader market context includes falling Wall Street futures ahead of a US interest rate decision and soaring bond yields, which have also reached Israel, weakening the shekel against the dollar.

While the article mentions specific financial figures like a 5.5% loss for Wishure and the impact of rising bond yields on Israel, it primarily focuses on the struggles of investment houses. The mention of Altshuler Shaham's situation is framed within the context of broader market dynamics and new accounting regulations, suggesting a challenging environment for financial institutions.